Marin, Welcome to the Down Side of the Housing Bubble
$1,000,000 off the original asking price -- a 35% reduction from the original asking price, and it still hasn't sold!
When this house was taken off the MLS and then relisted, it appeared as a brand new listing, its DOM statistic reset, and it's pricing history was effectively erased to all but the most inquisitive people. Shouldn't the pricing history of such houses like this one be made easily available to anyone thinking of buying a house? Isn't this pricing history useful and relevant information to buyers? Can this (resetting the DOM statistic, that is) be considered a long-entrenched form of fraud or at least deception? When will the buyers' interests be more fairly represented in this pro-seller system of buying and selling houses that we have?
So which is it? A new listing or a 233 DOM listing that has gone stale?
Bottom line: Until we have a system that treats buyers' interests equally to those of the sellers', if you are thinking of buying a house in Marin, do your homework first. All the information you need is on the Internet (as reviewed elsewhere on this blog):
- Find out how long the house you are interested in has really been on the market.
- Find out what its real original listing price was.
- Find out how much the sellers owe on the house and if you can, what kind of loan(s) they have.
- From the above you can determine how much the sellers can really afford to sell the house and how desperate they are.
- If what you think is a reasonable offer is below the seller's break-even point, don't make an offer, just move on. There's plenty of inventory out there and Marin sellers are still in denial and feel entitled to their asking prices.
The more information you have, the better you can make an informed decision.Thanks to the reader who sent this one in!